Market News
Walgreen (WAG)
Walgreen profit fell to $436 million, or 44 cents per share, in the fiscal fourth quarter ended Aug. 31, from $443 million, or 45 cents per share, a year earlier.
Analysts, on average, had expected a profit of 39 cents per share, according to Reuters Estimates. Walgreen is beginning to benefit from a make-over that includes sprucing up stores and cutting jobs.
Oct 14 · 11:46:00 AM · Source: CNBC.com
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by Rich Pike
GE (GE)
GE today announced investment stakes in SolarEdge, an Israeli startup, and Tendril, a Boulder, Colorado startup, as part of a strategy for business to generate and use energy more efficiently.
SolarEdge owns a technology which allows solar panels to operate 25% more efficiently. Tendril produces equipment that allows consumers and utilities to communicate and run equipment at more efficient times of the day thereby lowering costs. GE did not disclose the size of its investment.
Oct 14 · 11:39:00 AM · Source: Reuters
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by Michael Oliveto
Abbott Labs (ABT)
Abbott Laboratories (ABT) reported a 36% increase in third-quarter profit, exceeding Wall Street expectations. The company also also boosted its financial forecast for 2009.
The company's Q3 profit was boosted by higher sales of nutritional products and heart devices and accelerating sales growth for its top drug, arthritis treatment Humira.
Abbott's good news was another factor in the Dow Jones heading to 10,000.
Oct 14 · 11:36:00 AM · Source: Dow Jones News Wire
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by Larry Etter
Oil
Crude oil futures rose above $75 a barrel in early New York trading Wednesday, nearly near one-year highs. on strength in European equities and new lows for the dollar.
Analysts said the increase was based on strength in U.S. and European equities and new lows for the dollar.
Oct 14 · 11:16:00 AM · Source: Dow Jones Newswire
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by Larry Etter
Bank of America (BAC)
The Service Employees International Union is asking the Obama Administration to put a halt Bank of America CEO Ken Lewis’ multi-million-dollar retirement package.
Lewis is scheduled to retire at the end of the year and is to receive a package valued at as much as $68.8 million. BofA so far has not responded to the union’s letter.
Oct 14 · 11:15:00 AM · Source: San Francisco Business Times
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by Michael Oliveto
Retail Sales
The Commerce Department reported total retail sales fell 1.5 percent in September. Excluding motor vehicles and parts, retail sales rose by a bigger-than-expected 0.5 percent in September after increasing 1.0 percent in August.
Analysts polled by Reuters had forecast headline retail sales falling 2.1 percent in September.
Oct 14 · 11:13:00 AM · Source: Reuters.com
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by Rich Pike
Progressive (PGR)
Auto insurer Progressive Corp.(PGR) today said it posted a nice turnaround, returning to a profitable stance in the third quarter after being hurt last year by $1.37 billion of investment losses. Progressive's Q3 earnings were $269.9 million, or 40 cents a share, compared with a year-earlier loss of $684.2 million, or $1.03 a share. The mean estimates of analysts surveyed by Thomson Reuters were earnings of 33 cents a share and net premiums written of $3.56 billion.
The results come as insurers battle for market share in a market environment where the price of one policy over another is probably more important than ever.
Oct 14 · 10:57:00 AM · Source: Dow Jones Newswire · Related: Allstate
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by Larry Etter
Blackstone (BX)
Blackstone CEO Stephen Schwarzman sees industry improvement going forward.
Schwarzman sees dealflow and IPO investments opening up. During a speech at the Super Return Middle East private equity conference in Dubai he was quoted as saying, “We've all been through a trying period. We’re seeing more than green shoots of recovery, though the scale of economic growth through next year is still unclear.
We do not expect the U.S. economy to slip back into recession, but we do believe that weak consumer spending and continued constraints on bank lending will dampen the U.S. economic recovery in 2010 and 2011."
Oct 14 · 10:46:00 AM · Source: CNBC
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by Michael Oliveto
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